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Green Thumb to buy Nevada-focused cannabis operator in $290M deal

Green Thumb Industries Inc. agreed to buy cannabis company Integral Associates in a deal valued at about $290 million.

Integral Associates operates two cultivation facilities as well as three dispensaries under the Essence brand across Las Vegas and the nearby city of Henderson.

The transaction involves a $52 million cash payment by Chicago-based Green Thumb along with about 20.8 million subordinate voting shares of the company. A subordinate voting share carries a smaller voting right on a per-share basis compared to other class of outstanding shares held by the company shareholders.

In addition, the agreement includes consideration based on Integral Associates achieving certain performance targets and securing regulatory licenses.

The transaction, expected to be immediately accretive, was unanimously approved by Green Thumb's board and is expected to close in the first half of 2019.

Green Thumb said Integral Associates' founder and CEO, Armen Yemenidjian, will become the combined company's president and will also join its board. Alex Yemenidjian, another founder of Integral Associates, will also join Green Thumb's board after the deal closes.